FOMC: Dropping the patient, but not impatient to raise rates
In her press conference last Wednesday, Ms. Yellen clearly said that the FOMC would not raise rates until the labor market improved AND the committee "is reasonably confident that inflation will.
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But the Dec. 17 FOMC statement surprised many not by removing "considerable time," but by inserting another buzzword: "patient." While many in the market breathed a sigh of relief knowing that the Fed was in no hurry to raise rates, others debated the exact meaning of the new language.
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By the end of last week, odds for a rate cut next July were of about 80%, and a clear sign toward such a move will be Fed officials dropping ‘patient’ from the statement. If that’s not the case.
“An increase in the target range for the federal funds rate. Bloomberg this month forecast that the Fed would drop “patient” from its statement. Sixty-nine percent predicted the phrase would be.
"Just because we removed the word patient from the statement doesn’t mean we are going to be impatient," Dr Yellen told reporters in Washington. Dr Yellen said the Federal Open Market Committee (FOMC) would consider a rate rise "when it has seen further improvement in the labour market and is reasonably confident that inflation will move back.
The Federal Open Market committee voted wednesday not to raise interest rates, but it has dropped “patient” from its guidance, setting the stage for a rate hike in the second or third quarter. The.
The rate on interbank loans is a benchmark for banks’ prime rate – and consequently for rates charged on variable-rate credit cards. The major change came in the Fed’s statement of the rate outlook, where it cut the word "patient" from a sentence describing its approach to raising rates.
Fed Opens Possibility of Rate Hikes, Drops ‘Patient’. Its updated language suggests the FOMC could start raising rates as soon as its June policy meeting.. the drop in oil prices has cut.
"I expect there was a fair amount of sentiment for dropping the word ‘patient’ in January, although obviously not a majority," said Mike Moran, chief economist at Daiwa Capital Markets.